(a)
(1) Within a reasonable time after July 30, 1999, the Arkansas Catfish Promotion Board shall cause an election to be held on the question of the levy of an assessment on the sale of catfish feed within the State of Arkansas to commercial catfish producers at a rate determined by the board, such rate of assessment not to exceed five dollars ($5.00) per ton of catfish feed sold.
(2) If a majority of the commercial catfish producers voting at the election vote for the levy of the assessment, the assessment shall be applicable to all sales of catfish feed made on and after a date specified by the board, which date shall not be later than ninety (90) calendar days after certification of the results of the election.
(3) The assessment shall be a continuing levy until either terminated by the board or until another election is held at which a majority of the commercial catfish producers voting at an election vote against the levy. The rate of assessment approved at an election shall not be increased except under the majority vote of the commercial catfish producers voting at a subsequent election.
(b)
(1) When petitions containing the signatures of thirty percent (30%) of the commercial catfish producers in the state, as determined by the latest available agricultural census data, are filed with the board requesting that the question of continuing the assessment be submitted to a vote of the catfish producers, the board shall cause an election to be held within ninety (90) calendar days after the filing of the petitions, to be conducted in the same manner as the initial election held on the question of the levy of the assessment.
(2) If a majority of the commercial catfish producers voting at the election vote against the levy of the assessment, the assessment shall not be levied as of the date ten (10) calendar days after the date of the election. The levy may be reapproved, in the same manner as the initial election and subject to the same vote requirements, at an election called by the board not earlier than twelve (12) months after the date of the previous election suspending the levy of the assessment.
(c)
(1) The assessment imposed and levied by this section shall be collected by the Secretary of the Department of Finance and Administration from each seller of catfish feed, who shall add the assessment to the purchase price of catfish feed sold in this state to commercial catfish producers.
(2) Each seller of catfish feed, when remitting assessments collected to the secretary, may deduct not more than one percent (1%) of the gross amount of the assessments to cover the cost of compliance.